A company pays $790.400 cash to acquire an iron mine on January 1. At that same time. It incurs additional costs of $62.400 cash to access the mine, which is estimated to hold 104.000 tons of iron. The estimated value of the land after the iron is removed is $20,800, (if no entry is required for a transaction/event, select "No journal entry required" In the first account field.) 1. Prepare the January 1 entry to record the cost of the iron mine. 2. Prepare the December 31 year-end adjusting entry if 21,200 tons of iron are mined but only 18,800 tons are sold the first year. View transaction list Journal entry worksheet 2 Prepare the January 1 entry to record the cost of the Iron mine. Note: inter debits before credits Debit Credit General Journal Date Jan 01 View general journal Clear entry Record entry Rayya Co, purchases a machine for $117.600 on January 1, 2020. Straight-line depreciation is taken each year for four years assuming a seven-year life and no salvage value. The machine is sold on July 1, 2024, during its fifth year of service Prepare entries to record the partial year's depreciation on July 1, 2024, and to record the sale under each separate situation (The machine is sold for $50,400 cash. (2) The machine is sold for $40,320 cash View transaction fist Journal entry worksheet 1 2 3 Record the depreciation expense as of July 1, 2024. Note: Enter debits before credits Debit Credit General Journal Date July 01, 2024 View general journal Clear entry Record entry